The Irish Maritime Transport Economist, Volume 14 2017

THE IRISH
MARITIME
TRANSPORT
ECONOMIST
VOLUME 14

The Irish Maritime Development Office
The Irish Maritime Development Office (IMDO) is Ireland’s national dedicated
development, promotional and marketing agency for the shipping and shipping
services sector.
The IMDO is the Irish government agency which provides support to national and
international maritime businesses in Ireland. It is the aim of the IMDO to be the
focal point for maritime business in Ireland. The IMDO provides government and
industry with a range of information and reporting across the sector and works
with international businesses to help them set-up or expand in Ireland. The IMDO
is also Ireland’s designated Shortsea Shipping Agency and provides independent
advice and guidance on EU funding initiatives.
The IMDO was established by the Fisheries
(Amendment) Act 1999, as part of the Marine
Institute, under an amendment to the Marine
Institute Act 1991 in December 1999. The
IMDO commenced operations in July 2000.
After subsequent amendment in the Harbours
(Amendment) Act 2009 its legislative mandate
includes the following functions:
1. To promote and assist the development of Irish
shipping and Irish shipping services and seafarer
training.
2. To liaise with, support and market the shipping
and shipping services sector.
3. To advise the Minister for Transport on the
development and co-ordination of policy in the
shipping and shipping services sector so as to
protect and create employment.
4. To carry out policy as may be specified by the
Minister for Transport relating to the shipping
and shipping services sector and seafarer
training.
5. To advise the Minister for Transport on the
development and co-ordination of policy and
to carry out policy, as may be specified by that
Minister, relating to ports and the ports services
sector, and;
6. any additional functions relating to the shipping
and shipping services sector conferred on the
Institute under section 4(4) of this Act.
Shipping services is defined as: sea routes, ship
management, technical management, commercial
management, crew management, ship finance
and mortgages, marine insurance, maritime legal
services, shipbroking and ship chartering.
Editorial Team: Liam Lacey, Ciarán Corr, Daniel Fallen Bailey
IMDOIreland
irishmaritimedevelopment

Published by:
Irish Maritime Development Ofﬁce
Wilton Park House
Wilton Place
Dublin 2
D02 NT99
Ireland
Tel: +353 1 775 3900
www.imdo.ie
info@imdo.ie
Disclaimer
This report has been produced by the Irish Maritime Development Office, a state agency under
the auspices of the Department of Transport, Tourism and Sport (DTTAS). Whereas every effort
has been made to ensure that information provided in this report is accurate, the IMDO and
DTTAS accept no liability whatsoever for loss or damage occasioned, or claimed to have been
occasioned, in part or in full as a consequence of any person or corporation acting or refraining
from acting, as a result of a matter contained in this publication. All or part of this publication
may be reproduced without further permission, provided the source is acknowledged.
The Irish Maritime Transport Economist
Volume 14
April, 2017
ISSN 1649-5225

2
Ministerial Foreword 3
Introduction 4
Economic Review
National Accounts 8
Inflation 9
Interest Rates 10
Exchange Rates 11
Oil & Bunker Prices 12
Trade Review (All Modes)
External Merchandise Trade: Value 14
External Merchandise Trade: Volume 15
External Merchandise Trade: Country 16
Irish Ports & Shipping Index - iShip 18
Irish Market Review
Irish Port Traffic: Total Bulk Volumes 22
Dry Bulk 23
Liquid Bulk 24
Break Bulk 25
Lift-On/Lift-Off Market: Ports 26
Lift-On/Lift-Off Market: Operators 27
Roll-On/Roll-Off Market: Ports 28
Roll-On/Roll-Off Market: Operators 29
Passenger Traffic 30
Cruise Sector 31
Forecasting 32
Global Market Review
Tanker Market 34
Dry Bulk Market 35
Containership Charter Market 36
Deep Sea Container Trades and Freight Rates 37
Newbuilding and Demolition Market 38
Glossary of Terms and Sources of Data 39
Technical Note 40
Contents

3
As Minister for Transport, Tourism and Sport, I am pleased to provide the foreword for this, the
14th edition of the Irish Maritime Transport Economist. This publication adds to a valuable
time series that has tracked the development and performance of our ports and shipping
services for many years and has become a reference text for policy makers and practitioners in
the maritime industry.
Our National Ports Policy recognises the importance of
the maritime industry in facilitating economic growth
through trade, tourism and supply chain efficiencies. As
an island nation, we depend on our ports and shipping
services to a much greater degree than many of our
trading partners, with more than 90% of our external
trade moving through the ports network. Irish ports
continue to respond admirably in meeting the needs of
our growing economy. In 2016, total port traffic reached
its highest level since 2007, mainly as a result of a 7%
increase in unitised traffic. From a tourism perspective,
our ports provide efficient and convenient gateways to
markets in the UK and on the Continent. In the year
under review more than 4.7 million passengers, including
cruise tourists, passed through Irish ports. Our ports
also function as transport and logistics hubs, industrial
centres and nodal points in the supply chain for offshore
industries. Across this wide range of activities, Irish ports
make an invaluable contribution and I would like to
take this opportunity to thank those who work in our
port companies for the role they play in supporting the
national economy.
My Department closely monitors how growing demand
and changes in trading patterns affect our ports and
shipping services. In order to meet future demand, major
port infrastructure projects are taking place in Dublin, Cork
and Shannon Foynes, which are strategically important
and supported by EU funding (TEN-T Programme).
I am confident that these projects will lead the way in
providing the port capacity needed to grow our economy.
Looking to the future, my Department has participated
fully in planning for Brexit, working closely with colleagues
from other Departments in developing a whole of
Government response.
We have consulted with industry, participated in the All-
Island Civic Dialogue at a sectoral and national level and
have been briefed by various organisations and agencies
involved in the maritime industry. We will continue
to engage fully with stakeholders in relation to Brexit
preparations to ensure that the interests of the maritime
industry and the national economy are protected.
I would like to conclude by recognising the progress that
the maritime industry made in 2016. I commend the
contribution made by all stakeholders in the industry to
its continued success and thank the IMDO for its analysis
and reportage on a sector that is vitally important to the
development of international trade and tourism, and as
a result, to the success of our national economy.
Shane Ross T.D.
Minister for Transport, Tourism and Sport
MinisterialForeword

4Introduction
Welcome to this edition of the Irish Maritime Transport Economist (IMTE), which
reports on Ireland’s maritime industry and identifies factors that influenced its
performance in 2016.
This is the 14th edition of the IMTE, which builds
on a time series that has tracked the development
of the Irish maritime industry through periods
of unprecedented growth and contraction. The
publication has been refined and improved over
the last fourteen years and is made possible by the
continued support and collaboration of industry
partners in our ports and shipping companies.
As a maritime nation and as an economy, we
are heavily dependent on seaborne transport,
which facilitates international trade and is an
indispensable part of a supply chain that links Irish
industry to world markets. Our ports and shipping
services also support Ireland’s tourism industry by
providing ferry services to and from ports in the
UK and Continental Europe. In meeting the needs
of trade and tourism, the maritime industry has
shown itself to be flexible and resilient and has
demonstrated the ability to respond appropriately
to growth and contraction in the Irish economy. In
2016, total port traffic increased by 2%, reaching
952 points on the iShip Index, an aggregate
measure that includes the five principle maritime
transport modes. Notwithstanding this increase,
total port throughput in 2016 was still 9% below the
record levels recorded in 2007.
Looking in more detail at each shipping mode, it is
clear that unitised trade, comprising Roll-on/Roll-
off and Lift-on/Lift-off traffic, drove growth in the
industry. Roll-on/Roll-off volumes grew by 7% to
1,073,403 freight units and Lift-on/Lift-off trade
also grew by 7% to 916,852 TEUs. These trades
are closely correlated with consumer demand,
with growth in these sectors pointing to increased
consumer confidence in the Irish economy. The
growth in Roll-on/Roll-off traffic was concentrated in
Dublin, where volumes increased by 8% to 944,531
freight units. Dublin’s share of the Republic of
Ireland (ROI) Roll-on/Roll-off market now stands at
88%. Rosslare’s volumes, representing 12% market
share, grew by 3% to 128,350 freight units. Dublin
also performed strongly in the Lift-on/Lift-off sector,
recording growth of 8% and increasing throughput
to 663,732 TEUs, or 72% of the ROI market. Lift-on/
Lift-off traffic also grew through Cork and Waterford,
by 7% and 2% respectively.
In contrast to unitised traffic, total bulk traffic,
comprising dry bulk, liquid bulk and break bulk,
fell by 5% in 2016 to 28.5m tonnes. The volume
of bulk traffic handled by Irish ports is susceptible
to fluctuations that are not demand led, such as
weather conditions or the propensity to stockpile
commodities because of international market
conditions.
• Dry bulk volumes, a large proportion of which is
animal feed, coal and fertilizers, fell by 1% in 2016
to 15.8m tonnes. Demand for these commodities
was affected by the relatively warm and dry
weatherconditionsexperiencedin2016. Shannon
Foynes dominated the dry bulk sector, with 61%
of the market, or more than 9.7m tonnes. Dry bulk
traffic is more regionally dispersed than unitised
trade, with Dublin, Cork, Waterford, Drogheda and
Greenore all handling significant volumes.
• Liquid bulk volumes fell by 9% in 2016 to 11.3m
tonnes, influenced in large measure by the
reduced demand for oil in the milder than usual
weather conditions that prevailed. Liquid bulk
traffic is concentrated in southern ports, with Cork
and Bantry Bay together sharing 51% of the
market.
• Finally, break bulk traffic fell by 5% to 1.4m tonnes,
mainly driven by a 40% decrease in shipment
of refuse derived fuel. When these shipments
are excluded, break bulk traffic grew by 2% in
2016, with increases recorded in the shipment
of commodities such as cement, which underpin
growth in the construction sector. Break bulk
Key Indicators 2016:
GDP: +5.2%
GNP: +9%
Inflation: 0.0%
Merchandise Exports: +4%
Merchandise Imports: -1%
Trade Surplus: +7%

5
Introduction
traffic is also well dispersed throughout the ports
network, with Cork, Drogheda, Shannon Foynes,
Greenore, and Wicklow all featuring strongly in
this category.
The development of Ireland’s international
trade, and by extension, the development of our
maritime industry, is influenced by international,
as well as domestic factors. Inflation, interest
rates, exchange rates and oil prices all impact on
national competitiveness and our ability to trade
in foreign markets. While inflation and interest
rates were largely unchanged in 2016, more
significant movements in oil prices and exchange
rates were recorded, particularly in the second half
of the year. As noted by the US Energy Information
Administration, oil prices faced upward pressure in
the second half of 2016, with Brent crude closing
at $56.74 per barrel in December, up 67% on
January 2016 prices. Exchange rates, most notably
the euro/sterling rate, showed increased volatility,
mostly as a result of the outcome of the Brexit
referendum in June. The pound depreciated by 10%
in the immediate aftermath of the referendum and
closed the year at £0.86 to the euro. The Central
Bank of Ireland predicted that the euro/sterling
exchange rate will remain close to £0.84 throughout
2017 and as a result will pose challenges for Irish
exporters to the UK, many of whom have seen
margins eroded or eliminated because of recent
exchange rate volatility. The impact of this tougher
trading environment in the UK was not immediately
apparent in the bilateral trade volumes recorded in
the second half of the year. However, the Central
Bank of Ireland has linked the appreciation of the
euro versus sterling to a 3.8% erosion of Ireland’s
competitiveness in Q4 2016, which is expected, in
turn, to have a negative effect on export volumes to
the UK in 2017.
The maritime industry will also be affected at an
operational level by Brexit. Given the possibility of
the re-introduction of border and customs controls,
terminals and shipping companies will have to
prepare for operational consequences of increased
processing times at our ports, for both freight
and passenger traffic. Concerns have also been
raised about the efficiency of the UK landbridge
in a post-Brexit situation, where delays at borders,
administrative burdens and the cost of customs
procedures, could have a detrimental effect on Irish
exports. The IMDO is working closely with industry
and the Department of Transport, Tourism and
Sport to evaluate the likely operational effects of
Brexit on the maritime industry and will report with
recommendations on how these effects can be
managed and mitigated.
I would like to close by thanking our partners in
industry for supporting our work and for their
broader support for the role that the IMDO plays in
realising the ambitions set out in the Government’s
integrated plan for the marine industry, Harnessing
Our Ocean Wealth. 2016 was a challenging year
for business. However, the maritime industry
demonstrated that it can respond to the needs of
our growing economy, and through the ambitious
development plans that are being implemented
in Dublin, Cork and Shannon Foynes, ensure that
the industry can support the development of the
national economy for decades to come.
Finally, I would like to thank our economic analysts,
Ciaran Corr and Daniel Fallen Bailey for their
professionalism in completing this edition of the
IMTE, and the other members of the editorial team,
Edel O’Connor and Kelli O’Malley, who gave so
generously of their time.
Liam Lacey
Director
Irish Maritime Development Office
5
Key Indicators 2016:
LoLo Traffic: +4%
RoRo Traffic: +6%
Passenger Traffic: -2.6%
iShip Index: +2%
Bulk Traffic: -5%

8Economic
NATIONAL ACCOUNTS
Irish Gross Domestic Product (GDP) increased by 5.2%
in 2016 to €256.3bn, the highest rate of growth in the
European Union for the third consecutive year. The Irish
economy expanded by 2.5% in Q4 2016 compared to
Q4 2015, while strong employment growth boosted
consumer spending by 3% for the year in total. The
unemployment rate registered 6.7% in January 2017, down
from 8.5% in January 2016. Gross National Product (GNP),
a measure that takes repatriated income into account,
increased by 9% to €211.4bn; the fifth consecutive year of
positive growth.
GDP growth was strongest in the second half of 2016,
with Q3 and Q4 reporting growth of 6.2% and 6.6%
respectively when compared to the same periods in 2015.
By comparison, Irish GDP grew by 4% in Q1 and 3.8%
in Q2 2016.
The Balance of Payments current account, a measure
of Ireland’s financial flows with the rest of the world,
had a surplus of €13bn in 2016; down from a surplus of
€26bn in 2015. This can mainly be attributed to a Balance
of Payments deficit of €11.1bn in Q4, where there was
an increase of €21.5bn in the service imports category.
According to the Central Statistics Office (CSO), this was
largely driven by research and development.
Service imports increased by 15% in 2016 to €174bn. The
largest service import categories were business services,
valued at €80bn and royalties and licenses, valued at
€63bn. These categories grew by 38% and 2% respectively.
The service export category expanded by 9% to €133bn
in 2016. The largest service export categories were
computer services, valued at €64bn and business services,
valued at €26bn. These categories grew by 11% and 17%
respectively.
Gross Value Added within Irish industries rose by 2.4%
overall in 2016 compared to 2015. The distribution,
transport, software and communications sectors recorded
value added increases of 7.8%, and the agriculture sector
reported a rise of 6.2%. Public administration and defence
recorded an annual increase of 4.4%, while building and
construction recorded an 11.4% rise, and manufacturing
recorded a 1.8% increase.
The Central Bank of Ireland, in its first quarterly bulletin
of 2017, made reference to the impact of Brexit on
the Irish economy. It stated that, “in the absence of
any weakening in the UK economy, the impact of the
Brexit referendum outcome on the Irish economy has
mainly been felt through the volatility in the euro/sterling
exchange rate.” The Central Bank’s forecast for Irish GDP
growth in 2017 remains positive at 3.3%. This forecast
reflects a favourable outlook for consumer and investment
spending and predicts that domestic demand will continue
to be the main driver of growth. The Central Bank also
forecasts an increasing contribution from net exports
to GDP growth in 2017 due to a gradual and sustained
increase in external demand.
TABLE 1A
National Accounts, 2006-2016
Constant Prices €millions (Chain Linked to 2014)
Year GDP % change GNP % change
2006 184,559 5.9% 159,227 6.7%
2007 191,475 3.7% 162,356 2.0%
2008 183,050 -4.4% 156,151 -3.8%
2009 174,616 -4.6% 143,973 -7.8%
2010 178,100 2.0% 149,341 3.7%
2011 177,961 -0.1% 143,427 -4.0%
2012 176,022 -1.1% 142,924 -0.4%
2013 177,900 1.1% 149,662 4.7%
2014 192,923 8.4% 163,465 9.2%
2015 243,591 26.3% 194,015 18.7%
2016 256,312 5.2% 211,388 9.0%
Source: CSO
TABLE 1B
Real GDP Growth in Selected Economies, 2013-2018
Real GDP % Change (national currency)
Country 2013 2014 2015 2016 2017 (f) 2018 (f)
Ireland 1.1 8.6 26.3 5.2 3.4 3.3
Spain -1.7 1.4 3.2 3.2 2.3 2.1
United Kingdom 1.9 3.2 2.2 2 1.5 1.2
Germany 0.5 1.6 1.7 1.9 1.6 1.8
France 0.6 0.6 1.3 1.2 1.4 1.7
Italy -1.7 0.1 0.7 0.9 0.9 1.1
EU 0.2 1.6 2.2 1.9 1.8 1.8
Euro Area -0.3 1.2 2 1.7 1.6 1.8
USA 1.7 2.4 2.6 1.6 2.3 2.2
China 7.8 7.3 6.9 6.7 6.4 6.2
Source: European Commission
GRAPH 1A
Growth in Components of Irish GDP, 2011-2016
-0.1
-0.0
0.1
0.2
0.3
0.4
0.5
201620152014201320122011
Imports ConsumptionExports Government Investment
%Change
Source: CSO

9
Economic
INFLATION
Inflation in the Republic of Ireland, as measured by
the Consumer Price Index (CPI), was unchanged in
2016 compared to deflation of 0.3% in 2015. The
Harmonised Index of Consumer Prices (HICP), which allows
for cross country comparisons of inflation within the EU,
reported marginal deflation of 0.2% in 2016, compared to
a 0% change in 2015.
The Central Bank of Ireland has emphasised the
disproportionate contribution in 2016 of sterling
movements in driving Irish consumer prices. Exchange
rate volatility saw the pound depreciate by 10% in the four
weeks after the UK referendum to leave the EU, which led to
a 16% depreciation for the year (based on year end values).
According to the Central Bank’s first quarterly bulletin of
2017, this caused exchange rate appreciation of the euro
against the pound to replace energy as the main source of
deflation in the second half of 2016. By reducing import
and producer prices, this sharp appreciation passed through
to consumer prices. As the Central Bank points out in its first
quarterly bulletin of 2017; “a rise in the value of the euro
serves to decrease the euro price that foreign producers
selling in Ireland need to charge to maintain profits in their
own currency.”
The Wholesale Price Index (WPI) measures changes in
prices received by Irish manufacturers for goods produced
in Ireland and sold to the home and export markets by that
sector. In 2016, Ireland’s WPI decreased by 0.7%, following
on from an increase of 5.4% in 2015. Prices for goods
sold on the home market fell by 2.5% in 2016, compared
to a 4.4% rise in 2015, and prices for exported goods
fell by 0.4% after a 7.1% rise in 2015. According to the
CSO, producer prices were significantly impacted upon by
exchange rate movements in 2016, particularly those of the
British pound and US dollar.
The Central Bank has forecasted a modest rebound in
inflation in 2017 to 0.8% for both the CPI and the HICP.
This is expected to reflect higher energy prices, coupled
with a “partial reversal” of the exchange rate appreciation
of the euro against the pound. By 2018, the Central Bank
is forecasting the CPI and HICP to reach 1.2% and 1.1%
respectively.
GRAPH 2A
Consumer Price Index, 2011-2018(f)
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
2018 (f)2017 (f)201620152014201320122011
Annual%change
Source:CSO,CentralBankofIreland(f)
GRAPH 2B
EU Harmonised Index of Consumer Prices, 2015-2017
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
EU(28)
EA(17)
Germany
Ireland
Spain
France
Italy
UK
USA
20162015 2017 (f)
Annual%change
Source:EuropeanCommission,CSO
GRAPH 2C
Wholesale Price Index, 2013-2016 (Base Year: 2010 = 100)
Manufacturing Industries (Home Sales)
Manufacturing Industries (Export Sales)
-6%
-4%
-2%
0%
2%
4%
6%
8%
Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
%ChangeonPrecedingPeriod
2013 2014 2015 2016
Source:CSO

10Economic
INTEREST RATES
The U.S Federal Reserve (Fed), the European Central Bank
(ECB) and the Central Bank of England (BoE) all engaged in
interest rate changes in 2016.
On March 10th 2016, the governing council of the ECB
took the decision to decrease the interest rate on the main
refinancing operations of the Eurosystem (the MRO) by five
basis points to 0.00%. Commenting on the decision, ECB
President Mario Draghi said that interest rates would stay
low for “an extended period.” Mr Draghi also said that the
set of policy decisions were taken with the aim of “providing
substantial monetary stimulus to counteract heightened
risk to the ECB’s Price Stability objective.” That Price Stability
objective aims at inflation rates of below, but close to, 2%
over the medium term. As of November 2016, Euro area
inflation stood at 0.6%.
On August 4th, the Bank of England’s Monetary Policy
Committee introduced a package that contained a 25 basis
point cut in the Bank Rate to 0.25%. The BoE outlined
that, following the United Kingdom’s vote to leave the
European Union, it was faced with a trade–off between
firstly; the significant weakening of sterling which was “likely
to push up on CPI inflation” and secondly; a weakening
of demand which was likely to lead to “an eventual rise in
unemployment.” Facing such a trade–off, the BoE decided
that given the extent of the likely weakness in demand
relative to supply, it was appropriate to provide additional
stimulus in the form of an interest rate cut, “thereby
reducing the amount of spare capacity at the cost of
a temporary period of above–target inflation.” The BoE also
left open the option of further rate cuts to “close to, but
a little above, zero.”
On December 12th, the Federal Open Market Committee
(FOMC) of the U.S Federal Reserve raised the target range
for the federal funds rate by 0.25%, bringing it from 0.5% to
0.75%. This is only the second rate increase in a decade, the
other being implemented in December 2015.
The decision was made, according to the Fed, in recognition
of the considerable progress that the U.S economy has
made towards the Fed’s dual objectives of full employment
and a 2% inflation rate. A strengthening labour market and
rises in household spending were also cited as reasons for
this decision. Fed Chairwoman Janet Yellen also indicated
that there will be further rate increases in 2017, with the
Fed projecting the federal funds rate to reach 1.4% by the
end of the year.
Ms Yellen also recognised the influence which the new
administration of President Trump may have on the
U.S economy. Noting that the current U.S economic outlook
is “highly uncertain”, Ms Yellen mentioned that changes
to U.S fiscal policy, or any other policies, could affect the
economic outlook.
With regard to Irish bond yields, the cost of borrowing
for the Government has remained historically low despite
global geopolitical uncertainty. Yields on Ireland’s 10-year
benchmark Government bonds, which reached a historical
low of 0.34% in August 2016, have continued to remain
under 1%.
In the Central Bank’s first quarterly bulletin of 2017, it is
noted that minor fluctuations in Irish bond yields occurred
as a result of, among other things, the UK’s vote to leave
the EU, the U.S presidential election result, and the Federal
Reserve’s increasing of U.S interest rates. However, the
Central Bank also notes that “the ECB’s non–conventional
monetary policy and volatility in equity markets has, in
general, contributed to the downward pressure on European
sovereign bond yields.”
TABLE 3A
Interest Rates, 2011-2016
2011 2012 2013 2014 2015 2016
US (Fed Funds Rate) 0.25 0.25 0.25 0.25 0.5 0.75
Euro (Refi Rate) 1 0.75 0.25 0.05 0.05 0.00
UK (Bank Rate) 0.5 0.5 0.5 0.5 0.5 0.25
Source:Global-rates.com
Note – interest rate shown is the rate in effect at the end of the year in question
GRAPH 3A
International 3-Month Interest Rates, 2014-2016
-0.4%
-0.2%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
Sterling US DollarEuroEuro
2014 2015 2016
Source: Eurostat
GRAPH 3B
Irish Bond Yields, 2013-2017
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
10 Year5 Year5 Year
2013 2014 2015 20172016
Source: Investing.com

11
Economic
EXCHANGE RATES
As can be seen in table 4A, average annual exchange
rates for the euro appreciated for three of the five major
currencies.
The first nine months of the year saw the euro appreciate
modestly against the U.S dollar. However, in the final
months of 2016 that trend reversed. For the year in
total, the euro depreciated 3.3% against the dollar,
closing at $1.05 in December. The euro ended 2016 at
its weakest point against the dollar since 2002, based on
annual averages.
The euro/sterling exchange rate saw considerable volatility
in 2016, the main driver of which was the outcome of
the Brexit referendum. The pound depreciated by 10%
in the four weeks after the vote, and closed the year at
£0.86 to the euro. This represents a 16% depreciation
when compared to the end of 2015. The Central Bank has
forecasted the euro/sterling exchange rate to remain close
to £0.84 in both 2017 and 2018.
In their first quarterly bulletin of 2017, the Central Bank
emphasised the significance of present and predicted UK
currency movements on the Irish economy. This is due to
the fact that “exchange rate appreciation replaced energy
as the main source of deflation in the second half of 2016,
as the sharp appreciation of the euro/sterling exchange
rate quickly passed through to consumer prices.” This has
impacted upon Ireland’s international competitiveness.
Figures for Ireland’s Harmonised Competitiveness
Indicators (HCI’s) – which are trade weighted exchange
figures that provide comparable measures of the price
and cost competitiveness of euro area countries – show
that in Q4 of 2016, Ireland’s nominal HCI increased
by 3.8% compared to Q4 2015. This indicates a loss
of competitiveness which the Central Bank links to the
strengthening of the euro with respect to sterling.
TABLE 4A
Selected Exchange Rates: Annual Averages (Units per Euro)
AnnualAverages
Year USD GBP CNY CHF JPY
2006 1.256 0.682 10.009 1.573 146.015
2007 1.370 0.684 10.418 1.643 161.253
2008 1.471 0.796 10.224 1.587 152.455
2009 1.395 0.891 9.528 1.510 130.337
2010 1.326 0.858 8.971 1.380 116.239
2011 1.392 0.868 8.996 1.233 110.959
2012 1.285 0.811 8.105 1.205 102.492
2013 1.328 0.849 8.165 1.231 129.660
2014 1.329 0.806 8.186 1.215 140.310
2015 1.110 0.726 6.973 1.068 134.310
2016 1.107 0.819 7.352 1.090 120.197
Source:CentralBankofIreland
GRAPH 4A
Euro Exchange Rates, 2013-2016
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1.0
1.1
1.2
1.3
1.4
1.5
US Dollar ($) Pound Sterling (£)
2013 2014 2015 2016
Source: Central Bank of Ireland
GRAPH 4B
EU HICP by Commodity Group & Month (Base 2015 = 100)
85.0
87.5
90.0
92.5
95.0
97.5
100.0
102.5
105.0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Source: CSO

12Economic
OIL AND BUNKER PRICES
The price of Brent crude oil averaged $45.43 per barrel
(/bbl) in 2016. This represents a 14% decline when
compared to its annual average price in 2015, continuing
a downward trend that began in July 2014. That decline
has seen average annual price/bbl decrease by 59% since
2011. Brent crude also fell to below $30/bbl in January of
2016, its lowest level since 2003. This decline has been
driven primarily by oversupply in the oil market, as producers
continued a strategy of maintaining market share by way of
increased production.
The fall in oil prices had a knock–on effect on bunker
markets. The annual average price for the Intermediate Fuel
Oil (IFO) benchmark 380cst Rotterdam fell by 19%, while
L.A and Singapore fell by 19% and 20% respectively.
However, as noted by the U.S Energy Information
Administration (EIA), oil prices faced upward pressure
towards the end of 2016 due mainly to the agreements
made within the Organization of the Petroleum Exporting
Countries (OPEC) to curb production over the first six
months of 2017. At a meeting on November 30th 2016,
OPEC member countries agreed to cut oil production by
approximately 1.2 million barrels per day (bbl/d) beginning
January 1st 2017. Following the meeting, non–OPEC oil
producing countries met and agreed to curb production by
558,000 bbl/d.
OPEC said in a statement that; “The global oil market has
witnessed a serious challenge of imbalance and volatility
pressured mainly from the supply side” and that; “Current
market conditions are counterproductive and damaging to
both producers and consumers, it is neither sustainable nor
conducive in the medium–to long–term.”
Expectations of such an agreement were, inter alia,
a significant factor behind a steady rise in Brent crude oil
prices throughout 2016. Brent’s price per barrel averaged
$56.74 in December, 67% higher than its January
2016 average of $34.07. It ended the year $17 higher than
its recorded level at the end of 2015.
Similarly, while the annual average West Texas Intermediate
(WTI) crude oil price in 2016 was $43/bbl – down 11%
from 2015 – it ended 2016 at $53/bbl, $16 higher than its
recorded level at the end of 2015.
The EIA, in its January 2017 Short–Term Energy Outlook,
has forecasted Brent crude and WTI crude oil prices to
average $53/bbl and $52/bbl, respectively, in 2017. This
is close to their levels during the last three weeks of 2016.
These prices are then expected to rise to $56/bbl and $55/
bbl, respectively, in 2018.
Bunker prices generally track those of crude oil –
a correlation of 99% in 2015. Therefore, a forecasted
average Brent crude oil price of $53/bbl in 2017, a 17%
increase over its 2016 average, indicates that an equivalent
rise in bunker prices is to be expected.
TABLE 5A
Bunker Prices, 2006-2016 (IFO 380cst $/Tonne)
Year Rotterdam L.A. Singapore
2006 293.04 320.96 313.18
2007 345.06 381.66 372.82
2008 471.91 524.54 505.62
2009 353.81 375.12 371.87
2010 450.23 468.83 464.14
2011 617.94 655.87 646.94
2012 639.64 681.37 664.06
2013 594.80 631.43 615.93
2014 532.14 568.31 559.68
2015 264.15 288.00 291.60
2016 213.11 233.97 232.76
Source:Clarksons
GRAPH 5A
Bunker & Oil Prices, 2013-2017
20
40
60
80
100
120
140
100
200
300
400
500
600
700
Rotterdam 380cst
Bunker Price ($/tonne)
$/Tonne
$/Barrel
Brent Crude Oil
Price ($/bbl)
20142013 2015 2016 2017
Source: Clarksons
TABLE 5B
Oil Prices, 2006-2016
Annual Average USD per Barrel
Year BrentCrude OPECBasketPrice WTI
2006 65.01 61.08 66.05
2007 72.29 69.08 72.34
2008 98.67 94.45 99.67
2009 60.93 61.06 61.95
2010 79.28 77.45 79.48
2011 111.30 107.46 94.88
2012 110.57 109.45 94.05
2013 108.24 105.87 97.98
2014 98.34 96.29 93.17
2015 52.98 49.49 48.66
2016 45.43 40.76 43.29
Source:Clarksons,OPEC,EIA

14Trade
TABLE 6A
Irish External Merchandise Trade Growth (Value): 2006-2016
Year Exports€m Imports
(€m)
Trade
Surplus
(€m)
%
Export
Change
%
Import
Change
%
TradeSurplus
Change
2006 86,246 63,329 22,917 1% 9% -17%
2007 89,363 65,286 24,077 4% 3% 5%
2008 87,604 58,716 28,888 -2% -10% 20%
2009 86,786 47,698 39,088 -1% -19% 35%
2010 89,963 48,093 41,870 4% 1% 7%
2011 93,164 52,936 40,228 4% 10% -4%
2012 93,507 55,057 38,450 0.4% 4% -4%
2013 89,182 54,772 34,410 -5% -1% -11%
2014 92,616 60,865 31,750 4% 11% -8%
2015 112,407 70,111 44,015 21% 15% 39%
2016 116,916 69,604 47,312 4% -1% 7%
Source:CSO
TABLE 6B
IrishExternalMerchandiseTradebyCommodityGroup(Value):2015-2016
Exports Imports
Commodity Group (€m) %
Change
2015
%
Share
2016
(€m) %
Change
2015
%
Share
2016
Food&liveanimals 10,073 2% 9% 6,658 -0.4% 10%
Beverages&tobacco 1,330 3% 1% 906 3.5% 1%
Crudematerials 1,531 -14% 1% 822 -3.9% 1%
Mineralfuels&lubricants 661 -14% 1% 3,743 -26.7% 5%
Animal&vegetableoils 78 38% 0.1% 245 0.2% 0.4%
Chemicals&pharmaceuticals 66,440 3% 57% 14,964 7.1% 21%
Manufacturedgoods 2,137 2% 2% 4,826 2.7% 7%
Machinery&transportequipment 19,008 13% 16% 27,283 -2.2% 39%
Miscellaneousmanufacturedarticles 14,658 3% 13% 8,221 0.7% 12%
Othercommodities 1,000 -17% 1% 1,935 20.0% 3%
Total 116,916 4% 100% 69,604 -0.7% 100%
Source:CSO
GRAPH 6A
Irish External Merchandise Trade (Value): 2006-2016
0
20,000
40,000
60,000
80,000
100,000
120,000
20162015201420132012201120102009200820072006
Value(€m)
Imports Exports
Source:CSO
EXTERNAL MERCHANDISE TRADE:
VALUE
Ireland’s merchandise trade performance improved in
2016 in terms of monetary value. This was due to an
expansion in exports and a contraction in imports. The
merchandise trade surplus grew by 7% to €47bn in 2016.
Specifically, Q1 reported a trade surplus of €10.1bn, and
Q4 reported a trade surplus of €12.7bn.
Merchandise trade exports increased by 4% in 2016 to
€117bn. The Central Bank of Ireland, in its first quarterly
bulletin of 2017, noted that sluggish export growth
occurred due to exchange rate volatility as well as a decline
in ‘contract manufacturing’.
The biggest drivers of growth in merchandise exports in
2016 were firstly; ‘chemicals and pharmaceuticals’, which
rose by 3% to reach €66bn, and secondly; ‘machinery and
transport equipment’, up 13% to €19bn. ‘chemicals and
pharmaceuticals’ reported a drop of 1% in export share to
57%, while ‘machinery and transport equipment’ reported
a 2% increase in export share to 16%. All commodity groups
reported positive growth, with the exception of ‘crude
materials’ (–14%), ‘mineral fuels and lubricants’ (–14 %),
and ‘other commodities’ (–17%).
Merchandise trade imports contracted by 1% in 2016 to
€70bn. The biggest driver involved in the decline of
merchandise imports were ‘mineral fuels, lubricants and
related products’, which includes coal, petroleum and gas.
This category contracted by 27%. This was partially offset
by a 7% increase in ‘chemicals and pharmaceuticals’ to
€15bn, and a 20% increase in ‘commodities not classified
elsewhere’ to €1.9bn. ‘Food and live animals’, and
‘machinery and transport equipment’ declined by 0.4% and
2.2% respectively.
The Central Bank estimates that the monetary value
of Irish exports will increase by 1.3% in 2017, and 5.2%
in 2018. The Central Bank also forecasts the monetary
value of Irish imports to increase by 0.1% in 2017 and
5% in 2018. According to the Central Bank, the projected
marginal growth of exports and imports in 2017 will be tied
to volatility in trade data, uncertainty surrounding Brexit,
and the changing economic and political policy landscape.
In terms of global economic growth figures for 2017 and
2018, the International Monetary Fund (IMF) forecasts
that growth will be 3.4% and 3.6% respectively. The
IMF’s emerging economies category is expected to grow by
4.7% in 2017 and 4.8% in 2018, while the rate of growth
in advanced economies is projected to be lower: 1% in
2017 and 0.8% in 2018.

15
Trade
TABLE 7A
Irish External Merchandise Trade Growth (Volume): 2006-2016
Year Exports
-Tonnes
(000s)
Imports
-Tonnes
(000s)
Trade
Balance
-Tonnes
(000s)
%
Export
Change
%
Import
Change
%
Trade
Balance
Change
2006 13,898 38,114 -24,216 2% 3% 4%
2007 13,918 41,474 -27,556 0.1% 9% 14%
2008 14,000 38,196 -24,195 1% -8% -12%
2009 12,369 32,814 -20,444 -12% -14% -16%
2010 13,885 35,150 -21,264 12% 7% 4%
2011 15,017 34,165 -19,148 8% -3% -10%
2012 15,728 34,007 -18,278 5% -0.5% -5%
2013 15,672 36,602 -20,930 -0.4% 8% 15%
2014 16,714 36,385 -19,671 7% -1% -6%
2015 18,551 39,061 -20,510 11% 7% 4%
2016 18,825 38,676 -19,851 1% -1% -3%
Source:CSO
TABLE 7B
Irish External Merchandise Trade by Commodity Group (Volume):
2015-2016
Exports Imports
Commodity group Tonnes
(000s)
%
Change
2015
%
Share
2016
Tonnes
(000s)
%
Change
2015
%
Share
2016
Food&liveanimals 3,791 -1% 20% 7,697 5% 19%
Beverages&tobacco 822 5% 4% 871 -2% 2%
Crudematerials 5,213 3% 28% 7,664 7% 18%
Mineralfuels&lubricants 2,792 1% 15% 13,337 -12% 39%
Animal&vegetableoils 133 27% 1% 296 5% 1%
Chemicals&pharmaceuticals 1,124 3% 6% 3,602 4% 9%
Manufacturedgoods 3,797 9% 20% 3,169 7% 8%
Machinery&transportequipment 409 5% 2% 1,051 6% 3%
Miscellaneousmanufacturedarticles 348 5% 2% 973 21% 2%
Othercommodities 397 -46% 2% 15 -17% 0.1%
Total 18,825 1% 100% 38,676 -1% 100%
Source:CSO
GRAPH 7A
Irish External Merchandise Trade (Volume): 2006-2016
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
20162015201420132012201120102009200820072006
Imports Exports
Volume-Tonnes(000s)
Source:CSO
VOLUME
In terms of volume, Ireland’s total merchandise trade
remained constant in 2016. Ireland imports more in
tonnage terms than it exports and 2016 reported a 19.9m
tonnage imbalance, a decrease of 3% compared to 2015.
The decline of the tonnage imbalance can be attributed to
an increase in the volume of exports and a decrease in the
volume of imports. Q1 had the largest gap between import
and export volumes at 5.1m tonnes, while Q3 reported
a gap of 4.8m tonnes.
Merchandise export volumes increased by 1% in 2016 to
18.8m tonnes. The three commodities with the largest
amount of tonnage exported out of Ireland in 2016 were
‘crude materials’ (+3%), ‘manufactured goods’ (+9%) and
‘food and live animals’ (–1%). ‘Crude materials’ maintained
its export share of 28%, while a market share of 20% (+ 1%)
was reported for ‘manufactured goods’. ‘Food and live
animals’ reported an export share of 20% (+1%). All of the
other commodity groups reported positive growth.
Merchandise import volumes decreased by 1% in 2016 to
38.7m tonnes. This follows on from a 7% increase
recorded in 2015. The decline in import volumes can be
attributed predominantly to a 12% drop in ‘mineral fuels
and lubricants.’ This is due to the fact that ‘beverages and
tobacco’ and ‘other commodities’, which were the only
other categories to see negative 2016 values, only amount
to a combined share of 3% of import volume. ‘Crude
materials’, ‘chemicals and pharmaceuticals’, ‘machinery
and transport equipment’ and ‘manufactured goods’ each
reported an increase in tonnage of between 4% and 7%.
A noteworthy characterisation of these figures is that
there is a disparity between the value and volume of
commodities traded. ‘Chemicals and pharmaceuticals’
for example, were the most valuable commodity group
exported in 2016, worth €66bn – or 57% of the monetary
value of total Irish exports. However, in terms of volume,
this category only accounts for 1.1m tonnes, or 6% of total
tonnage exported. ‘Crude materials’ is the commodity with
the most tonnage exported, with 5.2m tonnes or 28% of
total tonnage exported. In monetary value terms however,
these exports are worth €1.5bn, equivalent to 1% of
total exports.

16Trade
COUNTRY
In terms of value, the United States was Ireland’s largest
trading partner for merchandise goods in 2016, with
€42bn worth of trade, or 22% of total (i.e. imports and
exports) trade. Great Britain was Ireland’s second largest
trading partner with €28bn worth of trade, equivalent to
15% of total trade. The U.S was Ireland’s largest exporting
partner, with 26% of all Irish exports arriving there in
2016. This trade was valued at €30.2bn. Great Britain was
Ireland’s largest importing partner, with 22% of all Irish
imports originating there in 2016. This trade was valued
at €14.8bn.
Total trade with EU countries was valued at €100bn
in 2016, or 53% of total trade. Exports from Ireland to
countries within the EU rose by 1% to €59.2bn in 2016.
Imports from countries within the EU fell by 2% to €40.6bn
in 2016, driven in part by a 9% contraction in imports
from Great Britain. Great Britain’s share of Irish imports
also declined, due to an increase in imports from the
United States.
Ireland’s largest trading partner in terms of volume in
2016 was Great Britain, with 19.5m tonnes or 34% of
all tonnage traded. Ireland exported 7.2m tonnes and
imported 12.2m tonnes to/from Great Britain. This equates
to 38% of total export volume and 32% of total import
volume respectively. Northern Ireland was the second
largest trading partner in volume terms, with 6.6m tonnes
or 11% of all tonnage traded.
77% of the monetary value of Irish exports goes to the
European Union and the United States, and 74% of the
monetary value of Irish imports comes from the European
Union and the United States. China is Ireland’s biggest
trading partner in Asia, with €3bn (3%) worth of exports,
and €4bn (6%) worth of imports in 2016.
In terms of volume, 86% of Irish exports go to the European
Union and the United States. China is Ireland’s biggest
export trading partner outside of the European Union or
the United States, accounting for 2% of total exports, or
459,662 tonnes. For Irish imports, the European Union
and the United States account for 64% of total volume.
Guinea is Ireland’s next biggest trading partner outside of
the European Union or the U.S, accounting for 3.3m tonnes,
or 8% of total imports. Tonnage imported from Guinea is
made up of ‘metalliferous ores & metal scrap’, and reported
a 0.05% decline in 2016.
TABLE 8A
External Merchandise Trade by Country (Value): 2015 -2016
Country Exports
€
%
Change
Country Imports
€
%
Change
United States 30,204,402 12% Great Britain 14,822,522 -9%
Belgium 14,681,902 1% United States 11,441,171 5%
Great Britain 13,008,612 -4% France 8,646,455 0.1%
Germany 7,804,872 5% Germany 6,546,994 14%
Switzerland 6,318,484 4% China 4,076,926 -4%
Netherlands 5,884,206 19% Netherlands 2,517,556 -3%
France 4,979,789 3% Switzerland 1,431,663 6%
China 3,051,715 84% Italy 1,341,159 18%
Spain 2,935,763 -27% Belgium 1,331,428 6%
Japan 2,886,923 -26% Japan 1,214,828 -33%
Italy 2,382,994 -6% Norway 1,127,754 -6%
Northern Ireland 1,509,202 -6% Spain 1,090,401 17%
Australia 1,476,092 60% Northern Ireland 957,038 -4%
Israel 1,474,966 69% South Korea 887,046 53%
Poland 1,373,712 16% India 540,429 8%
All Other 16,942,181 -3% All Other 11,630,360 -2%
Total EU 59,187,152 1% Total EU 40,555,676 -2%
Eurozone 40,412,114 -1% Eurozone 22,603,626 4%
Total 116,915,816 4% Total 69,603,730 -1%
Source:CSO
TABLE 8B
External Merchandise Trade by Country (Volume): 2015 - 2016
Country Exports
-Tonnes
(000s)
%
Change
Country Imports-
Tonnes
(000s)
%
Change
Great Britain 7,222,831 9% Great Britain 12,227,640 -10%
Northern Ireland 3,501,778 8% Guinea 3,278,785 -0.05%
Netherlands 1,223,068 6% Northern Ireland 3,049,622 7%
France 1,179,023 -6% Norway 2,739,931 5%
United States 587,281 -33% United States 1,992,115 35%
Belgium 532,291 -15% Netherlands 1,452,313 25%
China 459,662 1% Colombia 1,393,854 -31%
Germany 441,884 7% Germany 1,331,216 6%
Sweden 299,901 -10% Brazil 1,212,246 -0.02%
Spain 264,316 22% Spain 1,058,937 28%
Italy 260,661 -12% France 977,520 -18%
Norway 224,565 28% Russia 867,013 72%
Iceland 213,761 1% Belgium 784,861 15%
Finland 177,211 -17% Argentina 691,753 24%
Russia 138,971 -34% China 493,920 -4%
All Other 2,098,036 0.4% All Other 5,123,949 -4%
Total EU 15,626,593 6% Total EU 23,037,269 -3%
Eurozone 4,353,170 0.4% Eurozone 6,756,399 10%
Total 18,825,240 1% Total 38,675,676 -1%
Source:CSO
GRAPH 8A
Market Share of Countries by Volume & Value: 2016
United States
France
Guinea
Great Britain
Northern Ireland
Norway
Netherlands
34%
23%
11%
6%5%
5%
5%
4%
3%
2%
2%
Germany
Colombia
Spain
Other
Netherlands
Switzerland
Belgium
United States
Great Britain
Germany
France
China
Japan
Spain
Other
VOLUME
(Tonnes)
COUNTRY: VOLUME COUNTRY: VALUE
22%22%
9%
15%
8%
7%
5%
4%
4%
2%
2%
VALUE
(€000s)
Source:CSO

18IrishShippingIndex
iSHIP INDEX
The iShip Index is a quarterly weighted indicator that gauges the health of the Irish shipping industry. The iShip Index is comprised of five
separate indices. These represent the main maritime traffic categories that move through ports in the Republic of Ireland: LoLo, RoRo, Dry Bulk,
Liquid Bulk and Break Bulk. As the Dry, Liquid and Break Bulk segments are traditionally measured in tonnes, LoLo and RoRo traffic are therefore
converted into tonnage terms, whereby 1 TEU = 10 tonnes, and 1 Freight Unit = 14 tonnes. The base period of the iShip Index is Q1 2007, at
which point all indices are set to 1000.
The iShip Index for 2016 indicates a 2% increase in overall shipping volumes through ports in the Republic of Ireland. The unitised trade segment
(LoLo and RoRo) registered positive growth, while all three Bulk segments registered negative growth in 2016.
Both the LoLo and RoRo categories performed strongly in 2016 with growth of 6% and 7% respectively. RoRo traffic is a reliable indicator as to
the level of trade between Ireland and Great Britain. As such, the positive growth recorded in this category represents a strengthening of trade
between the two economies in 2016. Bulk trade differs from unitised trade in that it is more volatile; reacting more to changes in agriculture,
harvest yields and commodity prices. A fall in volumes of coal, scrap steel and petroleum is therefore not entirely representative of underlying
demand in the Irish shipping industry.
When taken on a yearly basis, the iShip Index figure stands at 952. Although this is 5% lower than the base year in 2007 of 1000, this is the
highest the index has been since then; a substantial recovery from the low of 767 recorded in 2009.
SHIPPING INDEX
iShip Index: 2007-2016
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
0
200
400
600
800
1000
1200
Qtr4Qtr3Qtr2Qtr1Qtr4Qtr3Qtr2Qtr1Qtr4Qtr3Qtr2Qtr1Qtr4Qtr3Qtr2Qtr1Qtr4Qtr3Qtr2Qtr1Qtr4Qtr3Qtr2Qtr1Qtr4Qtr3Qtr2Qtr1Qtr4Qtr3Qtr2Qtr1Qtr4Qtr3Qtr2Qtr1Qtr4Qtr3Qtr2Qtr1
1,042
693
937
973
939
960
Source: IMDO

19
IrishShippingIndex
GRAPH A
Annual iShip Index
0
200
400
600
800
1000
1200
2016201520142013201220112010200920082007
1,000 947
767
818 823 828
855 873 933 952
Source: IMDO
GRAPH C
RoRo Index
0
200
400
600
800
1000
1200
1400
Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
841
1,234
1,154
1,2931,265
2007 2008 2009 2010 2011 20132012 2014 2015 2016
Source: IMDO
GRAPH E
Dry Bulk Index
0
200
400
600
800
1000
1200
1,000
526
952
888
964
900
2007 2008 2009 2010 2011 20132012 2014 2015 2016
Source: IMDO
GRAPH B
LoLo Index
0
200
400
600
800
1000
1200
2007 2008 2009 2010 2011 20132012 2014 2015 2016
1,090
800
663
824
839 842
Source: IMDO
GRAPH D
Liquid Bulk Index
0
200
400
600
800
1000
1200
1,110
694
873 869
846 890
2007 2008 2009 2010 2011 20132012 2014 2015 2016
Source: IMDO
GRAPH F
Break Bulk Index
0
200
400
600
800
1000
1200
1,000
291
531
551
570
613
2007 2008 2009 2010 2011 20132012 2014 2015 2016
Source: IMDO

22IrishMarket
TABLE 9A
Irish Port Traffic: Total Bulk (Tonnes)
Total
Port 2015 2016 % Change
Bantry Bay 1,164,674 297,927 -74%
Cork 7,642,919 7,009,145 -8%
Drogheda 1,226,283 1,222,783 -0.3%
Dublin 5,686,624 6,117,329 8%
Dundalk 79,381 43,009 -46%
Galway 562,548 588,103 5%
Greenore 619,497 630,609 2%
New Ross 286,286 271,915 -5%
Shannon Foynes 11,113,084 11,013,400 -1%
Waterford 1,228,834 1,046,055 -15%
Wicklow 134,470 151,403 13%
Youghal 94,371 89,306 -5%
Total ROI 29,838,971 28,480,984 -5%
Source:IMDO
GRAPH 9A
Total Bulk Tonnage through ROI Ports (Monthly)
2016 2017
Tonnes
Liquid Dry Break Total
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
201520132012 2014
Source: IMDO
GRAPH 9B
Bulk Traffic by Category 2010-2016
Tonnes(000s)
Liquid Dry Break
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
2016201520142013201220112010
Source: IMDO
IRISH PORT TRAFFIC:
TOTAL BULK VOLUMES
Total Bulk volume decreased by 5% to 28.5m tonnes
in 2016. This figure represents Dry, Liquid and Break
Bulk volumes that passed through ports in the Republic
of Ireland in 2016. When transhipments from Bantry
are excluded, total Bulk volume falls by a further 2% to
28.2m tonnes.
When transhipments from Bantry are included, figures show
that Liquid Bulk contracted by 9%, while Dry Bulk and Break
Bulk reported declines of 1% and 5% respectively.
The Dry Bulk market is the largest Bulk segment, standing
at 55% of all Bulk volume. This is compared to 40% for
Liquid Bulk and 5% for Break Bulk. Most Bulk volumes in
the Republic of Ireland move through three ports: Shannon
Foynes (39%), the Port of Cork (25%) and Dublin Port
(21%). These ports make up 85% of total Bulk volume.
A decline in imports of coal and petroleum had the largest
impact on total Bulk volume in 2016. The volume of
petroleum products and coal fell as a share of total Bulk,
while the share of bauxite and cement rose slightly. The
performance of the individual Bulk categories, each of
which has different demand drivers, is assessed in more
detail in the following sections.

23
IrishMarket
TABLE 10A
Irish Port Traffic: Dry Bulk (Tonnes)
Dry
Cork 1,442,307 1,257,373 -13%
Drogheda 835,547 934,417 12%
Dublin 1,779,931 2,053,199 15%
Dundalk 47,016 28,890 -39%
Galway 137,499 128,113 -7%
Greenore 424,949 433,668 2%
New Ross 286,286 269,348 -6%
Shannon Foynes 9,855,392 9,702,951 -2%
Waterford 1,098,669 970,089 -12%
Wicklow 2,997 21,076 603%
Total ROI 15,910,592 15,799,123 -1%
Source:IMDO
GRAPH 10A
Market Share of Dry Bulk Traffic, by Port: 2016
Greenore
New Ross
Cork
Shannon Foynes
Dublin
Waterford
Drogheda
0.1%
0.2%1%
6%
13%
8%
2%
3%
6%
61%
Galway
Dundalk
Wicklow
Source: IMDO
GRAPH 10B
% Change in Dry Bulk Traffic through ROI Ports
-20%
-15%
-10%
-5%
0%
5%
10%
15%
Q4 16Q3 16Q2 16Q1 16Q4 15Q3 15Q2 15Q1 15
%Change
Source: IMDO
DRY BULK
Dry Bulk volume through ports in the Republic of Ireland
fell by 1% to 15.8m tonnes in 2016. The main commodities
in this segment are animal feed, ore, coal, fertilizer, and
bauxite and alumina.
The Dry Bulk market was particularly affected by a 22%
decline in coal volumes and an 8% decline in animal feed.
Animal feed makes up 16% of the Dry Bulk market, while
coal makes up 11%.
The fall in coal volumes in 2016 can be attributed to a coal
/gas price differential and an increase in stockpiles, both
of which were recorded in 2015. As for the drop in animal
feed, Teagasc – the agriculture and food development
authority of Ireland – reports that this was driven by a fall
in milk yields in 2016, which came about as a result of
increased international competition.
Bauxite and alumina volumes dominate the Dry Bulk sector
with 43% market share. In 2016 this category reported
volume growth of 2%.
Q4 2016 registered the steepest decline in Dry Bulk
volume, with a 10% fall. However, the demand for Dry Bulk
commodities was highest during the first half of the year,
with Q2 and Q3 reporting a 7% and 3% increase in volumes
respectively. The International Energy Association noted
that the use of coal is rapidly declining in Western European
nations as more restrictive climate policies are implemented
and alternative energy becomes more affordable. Such
policies include carbon pricing regimes, as well as The Paris
Climate Agreement.
In terms of Dry Bulk market shares for 2016, Shannon
Foynes Port dominates with 61%, down 1% from 2015. This
is followed by Dublin Port with 13%, up 2% from 2015. The
Port of Cork recorded a market share of 8%, down 1% from
2015, and Drogheda Port reported a 6% share, up 1% from
2015. Waterford’s market share fell by 1% in 2016 to 6%,
while Greenore reported an increase in market share to 3%,
up from 2% in 2015.

24IrishMarket
TABLE 11A
Irish Port Traffic: Liquid Bulk (Tonnes)
Liquid
Bantry Bay 1,164,674 297,927 -74%
Cork 5,945,149 5,442,847 -8%
Drogheda 29,977 33,057 10%
Dublin 3,856,899 4,016,703 4%
Galway 400,652 438,417 9%
New Ross 0 2,567 n/a
Shannon Foynes 1,054,589 1,050,417 -0.4%
Waterford 10,395 0 -100%
Total ROI 12,462,335 11,281,935 -9%
Source:IMDO
GRAPH 11A
Market Share of Liquid Bulk Traffic 2016
Shannon Foynes
Galway
Bantry Bay
Cork
Dublin
4%
9%
36%
48%
0.02%
0.3%
3%
Drogheda
New Ross
Waterford
Source: IMDO
GRAPH 11B
% Change in Liquid Bulk Traffic through ROI Ports
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
Q4 16Q3 16Q2 16Q1 16Q4 15Q3 15Q2 15Q1 15
%Change
Source: IMDO
LIQUID BULK
Liquid Bulk volumes through ports in the Republic of Ireland
decreased by 9% to 11.3m tonnes, with each quarter
of 2016 reporting negative growth. This decline can be
primarily attributed to Liquid Bulk transhipments through
Bantry Bay, which fell by 74% in 2016. When transhipment
activity and crude oil storage from Bantry Bay are excluded
from the overall figure, Liquid Bulk volumes fell by 3% to
11m tonnes.
Petroleum, bitumen, and oil dominate the Liquid Bulk
sector. When combined, these commodities make up 91%
of the category. In 2016, petroleum based products made
up 86% of the Liquid Bulk category alone, with oil from
Bantry Bay making up 3% and bitumen, 2%. The volume of
petroleum based products fell by 2% in 2016. Volumes of
oil through Bantry Bay were down by 74%, while bitumen
volumes increased by 19% in 2016.
The Port of Cork reported a decline in Liquid Bulk volume
of 8%. Despite this fall, the Port of Cork maintained the
largest share of the Liquid Bulk market in 2016 with 48%
– unchanged from 2015. Dublin Port recorded an increase
of 4% in Liquid Bulk volume, increasing its market share
to 36% (up 5%). Liquid Bulk volumes at Shannon Foynes
fell marginally by 0.4%, with its market share remaining
unchanged at 9%. These three ports handle 93% of Liquid
Bulk volumes in the Republic of Ireland.
Galway Harbour reported an increase in Liquid Bulk volumes
of 9%, but no change in its market share of 4% from 2015.
Bantry Bay recorded a market share of 9% in 2016, down
3% from 2015.
When transhipments are excluded, the Liquid Bulk sector
contracted for four consecutive quarters. The largest decline
in volume of 5% – or 2.7m tonnes – was recorded in Q3,
mainly the result of an 8% drop in Liquid Bulk volume
through the Port of Cork.

25
IrishMarket
TABLE 12A
Irish Port Traffic: Break Bulk (Tonnes)
Break
Cork 255,464 308,925 21%
Drogheda 360,759 255,309 -29%
Dublin 49,794 47,427 -5%
Dundalk 32,364 14,119 -56%
Galway 24,397 21,573 -12%
Greenore 194,549 196,942 1%
Shannon Foynes 203,103 260,033 28%
Waterford 119,770 75,966 -37%
Wicklow 131,473 130,327 -1%
Youghal 94,372 89,306 -5%
Total ROI 1,466,045 1,399,926 -5%
Source:IMDO
GRAPH 12A
Market Share of Break Bulk Traffic 2016
Waterford
Youghal
Shannon Foynes
Cork
Drogheda
Greenore
Wicklow
19%
18%
6%
1%2%
3%
6%
9%
14%
22%
Dublin
Dundalk
Galway
Source:IMDO
GRAPH 12B
% Change in Break Bulk through ROI Ports
-15%
-12%
-9%
-6%
-3%
0%
3%
6%
9%
12%
15%
Q4 16Q3 16Q2 16Q1 16Q4 15Q3 15Q2 15Q1 15
%Change
Source:IMDO
BREAK BULK
Break Bulk volumes decreased by 5% in 2016, to 1.4m
tonnes. This decrease can be attributed to the first half of
the year, which recorded 12% and 13% declines in Q1 and
Q2 respectively. Q3 and Q4 reversed that trend, registering
5% growth in Q3 and 3% growth in Q4. This is the first
decline in annual Break Bulk volumes since 2012.
Commodities such as timber, steel products, machinery
and general project cargo make up the majority of Break
Bulk cargo moving through ports in the Republic of Ireland.
However, the decline in Break Bulk volumes recorded in
2016 was mainly driven by a 40% fall in ‘refuse derived
fuel.’ When this commodity is excluded, Break Bulk volumes
grew by 2% to 1.25m tonnes.
Scrap metal and timber also reported decreases of 8% and
5% respectively for 2016.
Cement volumes grew by 25% in 2016, which is in line with
the improved sentiment reported in the Irish construction
industry. The Ulster Bank Purchasing Managers Index (PMI)
report for 2016 noted that the construction sector ended
the year positively, with construction activity continuing
to rise sharply amid fast expansion of new orders. The
report added that rates of job creation, as well as growth in
purchasing activity remain at high levels, and that firms are
strongly optimistic that construction activity will increase
further in 2017. The IMDO’s recorded growth in Break Bulk
figures – when adjusted for the decline in refuse derived
fuel – support these findings.
Break Bulk volumes through the Port of Cork increased by
21% to 308,925 tonnes in 2016, while volumes through
Shannon Foynes increased by 28% to 260,033 tonnes.
Conversely, 2016 recorded declines in volume through
seven of the other eight Break Bulk ports. Drogheda
reported a decline of 29% to 255,309 tonnes, and Youghal
reported a decline of 5% to 89,306 tonnes.
The Port of Cork had the largest share of the Break Bulk
market in 2016 with 22%, up 5% compared to 2015. This
was followed by Shannon Foynes with 19%. Both the Port of
Cork and Shannon Foynes increased their market share by
5% in 2016.
Drogheda, with 18% of the Break Bulk market in 2016,
recorded a decline of 7% in market share. Greenore
increased its market share by 1% to reach 14%, while
Wicklow maintained its share of 9%.

26IrishMarket
TABLE 13A
Laden Container Port Traffic (TEU)
No. ofTEUs Total
Port 2015 2016 % Change % Share
Dublin 471,485 507,129 8% 57%
Cork 163,969 165,416 1% 19%
Waterford 28,359 29,291 3% 3%
Belfast 159,358 164,452 3.2% 18%
Warrenpoint 32,247 25,627 -21% 3%
Total ROI 663,813 701,836 6% 79%
Total NI 191,605 190,079 -1% 21%
Total IRL 855,418 891,915 4% 100%
Source: IMDO
GRAPH 13A
Total Monthly Container Traffic through All Irish Ports 2015-2016
2015 2016
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
DecNovOctSepAugJulJunMayAprMarFebJanDecNovOctSepAugJulJunMayAprMarFebJan
Laden Imports Laden Exports Total
No.ofTEUs
Source: IMDO
TABLE 13B
Total Container Port Traffic (TEU) (Laden and Unladen)
No. ofTEUs Total
Dublin 614,226 663,732 8% 57%
Cork 205,828 209,881 2% 18%
Waterford 40,224 43,240 7% 4%
Belfast 208,820 212,504 2% 18%
Warrenpoint 52,008 42,233 -19% 4%
Total ROI 860,278 916,852 7% 78%
Total NI 260,828 254,738 -2% 22%
Total IRL 1,121,106 1,171,590 5% 100%
Source: IMDO
LIFT-ON/LIFT-OFF MARKET: PORTS*
Total laden container traffic for the island of Ireland
increased by 4% in 2016 to reach 891,915 TEUs. This is the
third consecutive year of positive growth and the largest
volume of container traffic recorded since 2008, when
traffic stood at 1,012,171 TEUs.
Laden exports from the Republic of Ireland increased by
5% to 297,858 TEUs, with Dublin Port, the Port of Cork and
the Port of Waterford all reporting positive growth. Growth
in laden exports is in line with Ireland’s strong export
performance overall for 2016, and correlates closely with
improved sentiment within the manufacturing sector as
measured by the Ulster Bank Purchasing Managers Index.
Laden exports from Northern Ireland also recorded positive
growth of 1% to reach 92,872 TEUs.
Laden imports into the Republic of Ireland increased by
6% in 2016. The year ended strongly with 4% growth
recorded in Q4. These trends reflect those contained in the
Central Bank’s first quarterly bulletin of 2017. That report
notes how, despite the uncertainty surrounding Brexit, Irish
consumer sentiment – which correlates strongly with laden
import performance – rebounded to pre–Brexit levels by the
end of 2016.
In Northern Ireland, Belfast Harbour reported laden import
growth of 2% in 2016. Warrenpoint however, recorded
a contraction of laden imports of 49%, reporting negative
growth in Q1 to Q3. For Northern Ireland in total, laden
imports declined by 3% to 97,207 TEUs. Dublin Port had the
largest share of the LoLo market in 2016, with 57% of all
laden and unladen traffic for the island as a whole. Belfast
Harbour had the second largest share with 18%.
* For unitised traffic, both RoRo and LoLo freight moves in an
all-island context. While figures for bulk in its various forms are
given for the Republic of Ireland, it is our normal practice to
include traffic through Northern Ireland ports for analysis of
unitised traffic.

27
IrishMarket
GRAPH 14A
TEU Distribution of LoLo Vessel Arrivals in Irish Ports 2016
901-1000 TEUS
1001-1200 TEUS
801-900 TEUS
<600 TEUS
600-800 TEUS
14%
15%
30%
22%
10%
9%
>1201 TEUS
Source: Marine Traffic
GRAPH 14B
Estimated Total Capacity and Traffic in Irish Ports per Month 2016
0
50000
100000
150000
200000
250000
300000
Dec-16Nov-16Oct-16Sep-16Aug-16Jul-16Jun-16May-16Apr-16Mar-16Feb-16Jan-16
TEU capacity Total Traffic Laden and Unladen
No.ofTEUs
Source: Marine Traffic
GRAPH 14C
Container Imports and Exports 2016
0%
1%
2%
3%
4%
5%
6%
7%
8%
Unladen ImportsUnladen ExportsLaden ImportsLaden Exports
%Change
Source: IMDO
LIFT-ON/LIFT-OFF MARKET:
OPERATORS
There were 14 short sea operators in the Irish LoLo market
in 2016, offering 61 weekly services to the Irish market.
Vessel Sharing Agreements (VSAs) continue to be an
important part of the short sea and feeder markets, with
the majority of operators entering into such agreements.
In 2016, the annual average capacity per containership
was 869 TEUs, up from an average of 864 TEUs in 2015.
The majority of containerships calling to Irish ports
are below the 1000 TEU vessel size. Vessels within the
801–900 TEU class represent 30% of the all–Ireland
total, while ships with TEU capacity between 1001 and
1200 increased their share of the Irish market to 10%, a rise
of 7% over 2015.
2016 registered some of the biggest containerships ever to
call at Irish ports, with the Nicholas Delmas (2,240 TEUs)
calling at Dublin Port and Belfast Harbour during the
summer, and the Northern Dedication (3,540 TEUs) calling
to the Port of Cork in April 2016. Maersk Line also began
the company’s first ever direct connection between Cuba,
Ireland and various other Northern Europe ports on April
22nd 2016.
Unitised trade continued to move away from LoLo, and
towards RoRo services in 2016, as documented by the
iShip Index. RoRo and LoLo accounted for 68% and 32% of
unitised trade respectively in 2016. This is a trend that has
been developing since the iShip Index began in 2007, when
RoRo accounted for 59% and LoLo accounted for 41% of
unitised trade. This movement can be explained by the
emergence of Cobelfret.
There was a 4% increase in empty containers shipped to the
island of Ireland in 2016. This amounted to 89,231 TEUs,
59,661 of which moved through the Republic of Ireland.
Empty containers shipped into Northern Ireland fell by 5%
to 29,570 TEUs.
In 2016, empty containers shipped out of the Republic of
Ireland increased by 10% to 155,316 TEUs, while empty
containers shipped out of Northern Ireland fell by 8% to
35,088 TEUs.

28IrishMarket
TABLE 15A
Roll-on/Roll-off Freight Traffic (Freight Units)
Freight Units Total
Dublin 877,826 944,531 8% 50%
Rosslare 124,331 128,350 3% 7%
Cork 763 522 -32% 0.03%
Dún Laoghaire 725 0 -100% 0%
Belfast 496,498 513,885 4% 27%
Larne 193,168 206,748 7% 11%
Warrenpoint 87,699 96,373 10% 5%
Total ROI 1,003,645 1,073,403 7% 57%
Total NI 777,365 817,006 5% 43%
Total IRL 1,781,010 1,890,409 6% 100%
Source: IMDO
TABLE 15B
Roll-on/Roll-off Freight Traffic (Freight Units)
Freight Units Accompanied Unaccompanied %
Port 2015 2016 % Change 2015 2016 % Change
Dublin 335,372 354,641 6% 542,454 589,890 9%
Rosslare 66,321 69,523 5% 58,010 58,827 1%
Cork 657 477 -27% 106 45 -58%
DunLaoghaire 725 0 -100% 0 0 -
Belfast 180,180 192,468 7% 316,318 321,417 2%
Larne 120,763 137,919 14% 72,405 68,829 -5%
Warrenpoint 6,469 7,642 18% 81,230 88,731 9%
Total NI 307,412 338,029 10% 469,953 478,977 2%
Total ROI 403,075 424,641 5% 600,570 648,762 8%
Total IRL 710,487 762,670 7% 1,070,523 1,127,739 5%
Source: IMDO
GRAPH 15A
Market Share of Roll-on/Roll-off Traffic by Port 2016
Rosslare
Warrenpoint
Cork
Larne
Dublin
Belfast
5%
50%
7%
11%
27%
0.03%
Source: IMDO
ROLL-ON/ROLL-OFF MARKET: PORTS
RoRo traffic in the Irish market increased by 6% in 2016 to
1,890,409 freight units. This was the fourth consecutive
year of growth in RoRo traffic volumes in the Irish market.
The Republic of Ireland recorded growth of 7% in 2016,
while Northern Ireland recorded growth of 5%. With the
exception of the Port of Cork, all ports that process RoRo
traffic reported increases in freight units of between 5%
and 10%. Driver accompanied traffic increased by 7%
to 762,670 freight units, while unaccompanied traffic
increased by 5% to reach 1,127,739 freight units.
There were 173,226 trade vehicles imported and exported
through the Republic of Ireland in 2016, an increase of 3%
compared to 2015. Northern Ireland reported 59,512 trade
vehicles imported and exported in 2016, a 24% increase
on 2015. Trade vehicle data, which correlates strongly
with Irish GDP and consumer sentiment indices, is
further evidence of growing consumer confidence in the
Irish economy.
Dublin Port increased its share of the RoRo market in
2016 to 50% (up 1%), while Larne (11%), Rosslare (7%)
and Warrenpoint (5%) maintained their market shares.
Belfast Harbour’s market share declined slightly, down
1%. The Republic of Ireland accounts for 57% of the RoRo
market on the island of Ireland, with Northern Ireland
accounting for 43%.
Services between Great Britain and the island of Ireland
remain unchanged from 2015; accounting for 91% of
total RoRo volume. Direct continental services to France,
Belgium and the Netherlands increased by 15% in total, to
179,234 freight units.

29
IrishMarket
GRAPH 16A
Quarterly Roll-on/Roll-off Freight Traffic
2015 2016
No.offreightunits
0
100,000
200,000
300,000
400,000
500,000
Q4Q3Q2Q1
Source: IMDO
GRAPH 16B
Market Share of Ireland-UK: Roll-on/Roll-off Traffic 2016
Irish Ferries
Seatruck
Stena
P&O
44%
16%
18%
22%
Source: IMDO
GRAPH 16C
Roll-on/Roll-off Freight Traffic per Corridor
0
200,000
400,000
600,000
800,000
1,000,000
ContinentalSouthernNorthernCentral
2014 2015 2016
No.ofFreightUnits
Source: IMDO
ROLL-ON/ROLL-OFF MARKET:
OPERATORS
In 2016, there were six freight operators providing
scheduled services between Ireland, Great Britain and the
European continent: Stena Line, P&O, Seatruck, Irish Ferries,
Cobelfret and Brittany Ferries. The market can be separated
into four corridors: Northern, Central, Southern and Direct
Continental.
The Central Corridor reported an increase of 7% in volume;
the third consecutive year of positive growth. This follows
a 9% increase reported in 2015. The Central Corridor is now
the busiest corridor between Ireland and Great Britain. P&O,
Irish Ferries, Stena Line and Seatruck all serve this corridor,
to Liverpool, Holyhead, Heysham, Pembroke and Fishguard.
The Central Corridor also increased its market share in
2016 to 43% (up 1%), now the largest corridor in terms of
freight volume. The Northern Corridor reported an increase
in freight units of 4% in 2016, the second consecutive
year of positive growth. However, the Northern Corridor
reported a drop in market share of 1% to 43% in 2016 also.
This corridor is serviced by Stena Line, P&O and Seatruck,
providing services to Liverpool (Birkenhead), Heysham and
Cairnryan.
On the Southern Corridor, services from Rosslare to
Fishguard and Pembroke, which are provided by Stena Line
and Irish Ferries, recorded volume increases of 5%. The
Southern Corridor also reported a 1% drop in market share
to 5% in 2016. The Direct Continental Corridor registered
a 14% rise in volume in 2016, the second consecutive year
of volume growth above 10%. Such strong growth resulted
in a 1% increase in market share to 10% in 2016. The Direct
Continental Corridor provides direct services from Dublin
Port, Rosslare and the Port of Cork to Cherbourg, Brittany
and Roscoff. These routes are serviced by Cobelfret, Brittany
Ferries, Irish Ferries and Stena Line.
There were a number of important developments in the
RoRo market in 2016. Seatruck Ferries began services
connecting Dublin Port and Bristol in September 2016. They
also added a new vessel, the Clipper Ranger, to their Dublin
to Liverpool route.
P&O closed down their Larne to Troon route in 2016.
Irish Ferries placed an order for a new ferry, which is
expected to replace the MV Epsilon in 2018, and Stena
Line signed a contract for four new RoPax ferries in the first
quarter of 2017.

30IrishMarket
GRAPH 17A
Quarterly Change in Passenger Traffic from the Island of Ireland
-15%
-10%
-5%
0%
5%
10%
Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016
%Change
Source: IMDO
GRAPH 17B
Passenger Traffic per Corridor 2011-2016
ContinentalSouthernNorthernCentral
0
500,000
1,000,000
1,500,000
2,000,000
201620152014201320122011
No.ofPassengers
Source: IMDO
GRAPH 17C
Annual Change in Air & Sea Passenger Traffic 2012-2016
SeaAir
%Change
-10%
-5%
0%
5%
10%
15%
20162015201420132012
Source: Fáilte Ireland
PASSENGER TRAFFIC
Passenger numbers between the island of Ireland, Great
Britain and continental Europe declined by 2.6% to 4.3m
in 2016. Three of the four corridors reported passenger
number decreases.
The 2.6% decline in passenger numbers is attributable
primarily to a decrease in traffic between the Republic of
Ireland and Great Britain, where a decrease in passenger
numbers of 5% to 2.2m was recorded. Continental traffic
also declined in 2016, registering a 0.4% fall in passenger
numbers to 368,000. Passenger traffic between Northern
Ireland and Great Britain increased by 0.3% to reach 1.7m
passengers. The decline in overall sea passenger traffic
is in contrast to strong growth in air passenger traffic, as
represented in graph 17C.
Car volumes to and from the island of Ireland decreased
by 1% in 2016 to 1.28m. Car volumes moving from the
Republic of Ireland to Great Britain reached 672,700, an
increase of 0.3% compared to 2016. Car volumes moving
from Northern Ireland to Great Britain increased by 3% in
2016 to 492,209.
Recent developments in the Irish market include firstly;
Stena Line’s introduction of its new vessel, the Stena
Superfast X, operating between Dublin and Holyhead and
secondly; P&O’s plans to discontinue its Larne to Troon
service due to a decline in passenger and car numbers.

31
IrishMarket
GRAPH 18A
Annual Numbers in Cruise Ship Calls
0
20
40
60
80
100
120
2015 2016
Shannon
Bantry
W
arrenpoint
Galway
W
aterford
Foyle
DunLaoghaire
Cork
Belfast
Dublin
No.ofVesselCalls
Source: Individual ports
GRAPH 18B
Passenger Numbers Carried by Cruise Ships
Europe Rest of WorldNorth America
PassengerNo.s(millions)
2017 (f)201620152014
12.97 13.04 13.21 13.66
5.82 5.76 5.89 6.11
2.77 3.45 3.83 4.19
Source: Statista
GRAPH 18C
Passenger Capacity of the Global Cruise Industry
Source: Statista
CRUISE SECTOR
There were 274 vessel calls to Irish ports in 2016 carrying
442,304 passengers and crew. While vessel calls have
increased by 11%, the number of passengers and crew has
fallen by 1%, primarily driven by the fall in passenger and
crew through the Port of Cork.
Elsewhere, 2016 was a year of expansion, with both Dublin
Port and Dún Laoghaire progressing plans for new cruise
berths. The new cruise terminal in Dublin Port is intended
to future–proof the port, allowing it to accommodate
the next generation of cruise liners which will be more
than 300m in length. Dún Laoghaire’s new cruise berth is
intended to accommodate cruise vessels with a maximum
length of 250m.
Dublin Port remained Ireland’s busiest cruise terminal,
receiving 159,124 passengers and crew (+7%) and 109 calls
in 2016. Belfast Harbour reported strong growth, with
134,592 passengers and crew (+21%) and 83 vessel calls in
2016. Bantry Bay and Warrenpoint also reported increases
in vessel calls and passenger and crew numbers.
There was no change in the number of vessel calls for the
Port of Cork, which remained at 57. However, the number
of passengers and crew at the Port of Cork fell to 127,865,
a 12% fall compared to 2015. Dún Laoghaire received
8 vessel calls in 2016, which is unchanged compared to
2015. However, passenger and crew numbers fell to 9,434,
a 49% drop from 2015. The Port of Waterford reported
4 vessel calls and 3,096 passengers and crew in 2016, down
from 15 vessel calls and 11,641 passengers and crew in
2015. Foyle Port also reported a decline in vessel calls with
4 in 2016, down from 6 in 2015.
Cruise Liners International Association (CLIA) has projected
that its cruise line members will see global passenger
numbers rise to 25.3 million passengers in 2017, a rise of
4.5% over 2016. 26 new cruise ships with a cost of €6.8bn
are on order. This is expected to add 30,006 passengers
to the global fleet in 2017. It is projected that by 2026,
97 new ships will be ordered and delivered, adding
a capacity of 119,510 passengers to the global fleet.
According to CLIA’s Cruise Line Member Survey statistics
for 2016, the top passenger source countries include:
USA (51.7%), UK (8.1%), Germany (7.7%), Italy (4%),
Australia–NZ (3.6%), Brazil (3.4%) and Canada (3.4%).
380
400
420
440
460
480
500
2017 (f)201620152014
PassengerNo.s(millions)

32IrishMarket
FORECASTING
The IMDO forecasts RoRo traffic and Laden LoLo traffic to
grow by 6% each in 2017.
Clarksons forecast that global containership trade will
grow by 4.2% in 2017. Although such predicted growth is
encouraging, there is a significant amount of uncertainty
in the shipping sector, as reported by Clarksons in their
Container Intelligence Monthly report for January 2017.
Irish GDP however – which is highly correlated with Irish
unitised trade – is forecast to increase by 3.3% in 2017,
according to the Central Bank of Ireland.
The IMDO forecasts the Irish Bulk sector to contract by 2%
in 2017. Clarksons have predicted that global Dry Bulk trade
will expand by 2.1% in 2017.
The IMDO’s forecasts were generated using a univariate
model (see technical note in the annex). There are
a number of advantages to using a univariate method
when forecasting port throughput in the short term,
i.e. 1–2 years. The first is that it is independent of other
variables, and it is also independent of any resulting
uncertainty which surrounds the forecasting of explanatory
variables such as GDP and the exchange rate. Secondly,
it offers a systematic approach to the forecasting of time
series models that can be easily replicated.
Conversely, univariate models have one main disadvantage,
which is that these models are only informed by past
values and as such, are incapable of forecasting significant
unforeseen deviations from the long term trend.
TABLE 19A
Forecast for 2017 for three major categories
2015 2016 2017 (f)
Total Bulk 9% -2% -2%
Laden LoLo 6% 6% 6%
RoRo 6% 7% 6%
Source:IMDO
GRAPH 19A
Total Bulk Forecast 2017
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
2009 2010 2011 2012 2013 2014 2015 2016 2017 (f)
Total Bulk
Tonnes
2008
Source: IMDO
GRAPH 19B
Laden Lolo and RoRo Forecast 2017
0
20,000
40,000
60,000
80,000
100,000
120,000
Laden LoLo RoRo
TEUsandFreightUnits
20092008 2010 2011 2012 2013 2014 2015 2016 2017 (f)
Source: IMDO

34GlobalMarket
TANKER MARKET
Global Tanker market conditions deteriorated in 2016, with
average earnings across all tanker categories down by 42%;
having reported growth of more than 50% in both 2015 and
2016. Tanker demand continues to grow; increasing by 4% in
2016, following a 3% rise in 2015. Tanker supply grew by 6%
in 2016, up from 2% growth observed in 2015.
The global seaborne crude oil trade is estimated to have
expanded by 4.3% to 39m bbl/d in 2016. Brent crude’s oil
price fell by 11% in 2016. This was partially offset however,
by a 19% price increase in Q4 stemming from an initiative by
OPEC producers to restrict output in 2017.
The combined total of global oil products is estimated
to have increased by 4.4% in 2016 to 23.1m bbl/d. This
lower projected rate of growth was driven by drawdowns
in inventories across a number of regions such as North
America and Europe.
The crude sector refers to the movement of unrefined crude
oil from its point of extraction to refineries. The sector is
made up of, inter alia: Very Large Crude Carriers (VLCC),
Suezmax and Aframax vessels. Spot earnings for VLCCs fell
by 36% to an average of $41,488/day in 2016. Demand
for VLCCs is expected to grow by a relatively limited 1.1% in
2017, driven by OPEC’s announcement to cut crude output
by roughly 1.2 m bbl/d. Spot earnings for Suezmax vessels
decreased by 41% to $27,567/day in 2016. Demand for
Suezmax vessels is expected to remain steady in 2017, with
the MEG–India route projected to rise by 11%, driven by
a continuation of Iranian imports.
Aframax spot earnings fell by 41% in 2016 to reach $22,441/
day. The demand for Aframax vessels is expected to increase
marginally in 2017 however, with intra Far Eastern routes
projected to rise by 7%.
Product tankers are able to carry “clean” refined petroleum
products such as gasoline, jet fuel, kerosene, naphtha and
gas oil. The category is comprised of Medium Range (MR),
Long Range 1 (LR1), Long Range 2 (LR2) and Clean Handy
vessels. Spot earnings for MR vessels declined by 43% to an
annual average of $12,124/day in 2016, and Clean Handy
vessel spot earnings fell by 59% to an average of $8,962/day
in 2016. LR1 vessel spot earnings reported a drop of 23% to
an average of $18,116/day in 2016. Despite these negative
figures, Clarksons expect product tanker demand to increase
by 1.8% in 2017, driven by the projected growth of Indian
and Chinese product exports.
Elsewhere, product tanker trade on the U.S – South America
route is currently projected to rise by 3% in 2017 to 2.2m
bbl/d. This is to be supported by robust U.S products exports
as well as continued weakness across much of the South
American refinery sector.
Clarksons have forecasted global tanker demand to grow by
1% and global tanker fleet supply to grow by 5% in 2017.
Crude tanker demand is expected to expand by 0.8%, and
crude tanker fleet supply is expected to increase by 5.1% in
2017. Product tanker demand is forecast to grow by 1.8%
in 2017, and product tanker fleet growth is forecast to
grow by 3.9%.
TABLE 20A
One Year Time Charter Rates ($/day), 2016
Product Aframax Suezmax VLCC
Jan-16 18,135 27,800 36,250 51,400
Feb-16 17,175 26,750 34,063 45,000
Mar-16 17,469 25,750 32,625 42,500
Apr-16 17,175 25,350 30,500 42,500
May-16 16,313 23,656 28,750 39,875
Jun-16 15,813 21,750 27,875 38,125
Jul-16 15,100 19,750 26,050 32,500
Aug-16 13,750 19,125 23,375 30,438
Sep-16 13,175 16,400 21,350 26,750
Oct-16 12,063 16,313 21,750 28,063
Nov-16 12,250 17,250 22,500 30,250
Dec-16 12,525 18,000 22,500 31,250
Jan-17 12,875 17,719 22,000 29,688
Feb-17 12,500 16,875 20,750 27,625
Source: Clarksons
GRAPH 20A
Tanker One Year Time Charter Rates, 2005-2016
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
Suezmax VLCC ProductAframax
US$perday
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Source: Clarksons
GRAPH 20B
Demand Supply Dynamics: Crude Tankers, 2011-2017(f)
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
7%
2017 (f)201620152014201320122011
Demand Growth Supply Growth
%Change
Source: Clarksons

35
GlobalMarket
DRY BULK MARKET
2016 was a challenging year for the Dry Bulk sector. An
imbalance between fleet capacity and demand for Dry
Bulk trade resulted in downward pressure on freight rates.
Full year Bulk carrier earnings averaged $6,218/day in
2016. The Baltic Dry Index averaged 675 in 2016, down
6% from the annual average of 715 recorded in 2015.
2016 improved at the end of the year, where the Baltic
Dry Index reported an average of 994 for Q4, the highest
quarterly value since 2014.
Global seaborne Dry Bulk trade grew by 1.2% in 2016,
bolstered by 7% growth in Chinese iron ore imports, but
offset by a 20% contraction in European coal imports.
According to Clarksons, the strong performance of iron ore
imports can be attributed to a drop in China’s domestic
output, increased stockpiling by Chinese steel mills, and
a Chinese Government stimulus package that drove up the
demand for iron ore.
Clarksons forecast that the global wheat and grain market
will contract by 2% in 2017, despite it recording growth of
7% in 2016. This is expected to be driven by a fall in import
demand in China and Indonesia, as well as an increase in
supply of domestic grain in Iran.
Global Dry Bulk capacity increased by 2.3% to 794m
tonnes in 2016, the slowest pace of growth in 17 years.
This slowdown in growth was largely driven by a drop in
new building interest and a shrinking of the Bulk carrier
orderbook to 86m deadweight tonnes (dwt) by the end of
2016, the lowest recorded since 2006.
The aforementioned supply imbalance in the Dry Bulk
sector persisted throughout 2016, with the Bulk carrier
fleet expanding by 2.3%, more than double the increase
recorded in Dry Bulk trade growth. The effect of this can
be observed in average one–year time charter rates, which
are down across all Bulk carrier vessel types: Capesize
(–27%), Panamax (–16%), Handymax (–21%) and
Handysize (–21%).
In 2017, Clarksons have predicted that the gap between
Dry Bulk trade growth and fleet growth will narrow. It is
forecasted that Dry Bulk trade will expand by 2.1%, while
Dry Bulk fleet growth will expand by 1.8% in 2017. The
projected imbalance is likely to result in upward pressure on
freight rates.
The Short Sea market index declined in 2016. Rates
decreased steadily from February 2016 onwards, before
bottoming out in August due to significant increases of
imported steel from Asia into Europe. The market began to
improve by September 2016, but index growth remained
sluggish due to economic uncertainty, as well as both Flinter
Shipping and Abis Shipping selling off vessels. November
and December 2016 recorded a decrease in spot tonnage
in order to fulfil inventory requirements and stock up ahead
of the Christmas period. This resulted in an increase in Bulk
carrier freight rates. The recovery at the end of 2016 meant
that the Dry Bulk market finished the year stronger than it
began, fuelling some optimism going forward.
GRAPH 21A
European Dry Bulk Short Sea Market, 12 Month Graph 2016
12
13
14
15
16
17
18
DecNovOctSepAugJulJunMayAprMarFebJan
Short Sea Index 380 cst Rotterdam (USD)
ShortSeaIndex
BunkerPrices(USD)
200
250
300
350
400
450
500
550
600
650
700
750
Source: HC Shipping and Chartering
GRAPH 21B
Dry Bulk One Year Time Charter Rates, 2005-2016
0
21,250
42,500
63,750
85,000
106,250
127,500
148,750
170,000
Panamax HandymaxHandysize Capesize
US$perday
2005 20072006 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Source: Clarksons
GRAPH 21C
Baltic Dry Index, 2005-2016
0
2,000
4,000
6,000
8,000
10,000
12,000
201620152014201320122011201020092008200720062005
Source: Clarksons

36GlobalMarket
CONTAINERSHIP CHARTER MARKET
Earnings in the containership time charter market remain
at “historically low, bottom of the cycle levels”, according
to Clarksons Container Intelligence Quarterly report for
Q1 2017. According to that report, this was driven by:
a slowdown in container trade growth which has eroded
vessel demand, a prolonged environment of weak freight
rates, and a significant portion of the containership fleet
still lying idle.
This was reflected in Clarksons Time Charter Rate Index,
which reported an average monthly decline of 1%
throughout 2016. The index dropped 5 points overall in
2016, and now sits at its lowest point since 2009. This
represents a continuation of a downward trend in the index,
which has recorded a decline of 3% on average per year
since 2011.
Furthermore, the proportion of the containership fleet that
sat idle at the end of the year was 7.1%, enough, according
to Clarksons Container Intelligence report, to maintain
the downward pressure on the containership charter
market. This marks the highest level of idle fleet capacity
since 2010.
The broader trend in time charter earnings in 2016 was
reflected in the sub 1,700 TEU handy and feeder classes,
which are predominantly the vessels that serve Irish ports.
The one–year time charter rate for a 1,700 TEU vessel
averaged $6,804 in 2016, 23% below its average the
previous year. It closed the year at $6,200, 11% below its
January 2016 standing. Regarding the time charter rates
for 350, 725 and 1000 TEU vessels, all of these categories
exhibited positive monthly average growth of roughly
1% for the first half of 2016. This was offset however, by
negative average monthly growth of 2% in the latter half
of the year.
On the supply–side of the market, demolition has registered
record levels of activity in recent years. The number of total
containership demolitions was 194 in 2016, compared to
92 in 2015. This amounted to 0.65m TEUs, compared to
0.2m TEUs the previous year. Demolition activity is at its
highest point since 2013, and has experienced an upward
trend which has seen an average of 62% growth per year
since 2007. As for containership deliveries, this amounted
to 0.9m TEUs in 2016, 46% below its 2015 equivalent,
while the containership orderbook grew by 13% to
3.95m TEUs.
Clarksons Research has noted that positive supply–side
fundamentals will provide support to the charter market,
but with 7% of the containership fleet still idle at the end
of 2016, “fundamental recalibration” is required before any
significant improvement is likely to be seen.
TABLE 22A
One Year Time Charter Rates ($/day), 2016
Feeder
350 TEU
Feedermax
725 TEU
Handysize
1000 TEU
Handymax
1700 TEU
Jan-16 3,500 5,350 6,200 7,000
Feb-16 3,500 5,350 6,750 7,000
Mar-16 3,550 5,600 6,850 7,050
Apr-16 3,550 5,600 6,800 7,100
May-16 3,600 5,600 6,800 7,000
Jun-16 3,600 5,600 6,800 7,000
Jul-16 3,600 5,650 6,700 6,900
Aug-16 3,550 5,600 6,700 6,700
Sep-16 3,500 5,500 6,550 6,750
Oct-16 3,500 5,250 6,250 6,650
Nov-16 3,500 5,100 6,100 6,300
Dec-16 3,500 5,100 6,100 6,200
Jan-17 3,400 5,000 6,000 6,300
Source: Clarksons
GRAPH 22A
Container One Year Time Charter Rates, 2007-2016
ContainershipIndex
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
HandyHandymax
FeederFeedermax
Clarksons Time Charter Rate Index (1993 = 100)
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
US$perday
0
20
40
60
80
100
120
140
Source: Clarksons
GRAPH 22B
Top 10 Containership Operators by DWT, 2016
Maersk
MSC
CMA-CGM
China Shipping Group
Evergreen Marine
Hapag-Lloyd
Hamburg-Sud
Yang Ming
OOCL
UASC
4%
7%
7%
3%
6%
6%
23%
14%
14%18%
Source: Clarksons

37
GlobalMarket
DEEP SEA CONTAINER
TRADES & FREIGHT RATES
CONTAINER TRADE GROWTH
Global growth in container trade was 3.4% in 2016, up from
2.2% in 2015. Such improvements were driven primarily
by a return to growth in peak leg Far East – Europe trade,
as well as robust expansion of intra–Asian route volumes
which were bolstered by more positive trends in the
Chinese economy. Global growth was limited somewhat
by weak commodity prices which continued to exert
pressure on Middle Eastern imports as well as North–
South trade. Demand side improvements are expected to
continue however, with global container trade expected
to expand by 4.2% in 2017. Such growth is expected to
be driven by improvements in mainlane and intra–Asian
trades. However, Clarksons also note that recent political
developments in the U.S and Europe present risks to the
demand outlook.
CONTAINER CAPACITY
Fleet capacity growth slowed significantly in 2016,
expanding by 1.2% year–on–year compared to 8.1% in
2015. Positive demand trends and limited fleet growth
meant that the fundamental balance of supply and
demand in the containership sector improved. Despite
this however, 2016 was a challenging year for the sector
according to Clarksons Shipping Intelligence Network. The
positive supply and demand trends were not sufficient to
generate significantly improved market conditions and as
such, high levels of surplus capacity continued to impact
upon the market.
Fleet growth is forecasted to expand by 3% in 2017, driven
by rising deliveries. Demolitions however, are expected to
remain constant.
BOX FREIGHT RATES
The freight rate environment remains challenging, with
rates generally weak in 2016. The collapse of South Korean
operator Hanjin Shipping, formerly among the world’s ten
largest shipping companies, provided a stark reflection
of the pressures currently faced by carriers. By the end of
2016 however, freight rates appeared to have bottomed
out on some major trade lines, with improvements being
made on both mainlane and non–mainlane routes. For
the year in total, the key SCFI spot rate on the China–
Europe trade averaged $690/TEU, 11% above the average
across 2015.
Clarksons note that, in general, freight rates continue to
face a long–term downward trend, driven in part by the
deployment of ‘megaships’ which can offer lower unit costs.
This is set to present challenges in the coming year.
CONSOLIDATION
By the start of 2017, the ten largest liner companies
accounted for 70% of all containership capacity,
which, according to Clarksons Research, indicates
that consolidation amongst liner companies is now
a well–established trend. Furthermore, a wave of recent
M&A activity means this figure is expected to rise to 80% by
the end of 2017.
The existence of major liner company alliances is set to
continue in the form of ‘Ocean Alliance’ and ‘The Alliance’,
both of which will begin in 2017.
GRAPH 23A
Container Import Volumes, (Excluding Intra Regional): 2011-2016
0
20
40
60
80
100
120
140
160
180
201620152014201320122011
TEU(millions)
Europe North America Global
Source: Container Trade Statistics
GRAPH 23B
Containership Charter Rates vs Container Freight Rates: 2012-2016
0
10
20
30
40
50
60
70
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
SCFI Shanghai-Europe (base port) Freight Rate
CCFI Composite Index
Clarkson's Containership Timecharter Rate Index
2012 2014 2015 20162013
ClarksonsIndex
CCFI,SCFI
Source: Clarksons
GRAPH 23C
Annual Container Capacity 2014-2018(f)
0
5,000
10,000
15,000
20,000
25,000
2018 (f)2017 (f)201620152014
Container Capacity, 000 TEU
18,263
19,744 19,985
20,579
21,224
Source: Clarksons

38GlobalMarket
NEWBUILDING AND DEMOLITION
MARKET
RORO FLEET
At the end of 2016, global RoRo fleet capacity stood at
7.6m dwt, down 0.7% YoY from 2015. RoRo fleet capacity
fell by 4% on average between 2010 and 2015. The lack
of significant decline in RoRo fleet capacity in 2016 can
be attributed to the fact that demolitions for the period
remained relatively low, totalling 8 vessels in 2015 and in
2016, compared to an average of 50 vessels per annum
between 2009 and 2014. As at the beginning of 2017,
Clarksons have forecast the RoRo orderbook to expand
by 42%, reversing a downward trend which has seen
that orderbook decline by an average of 19% between
2010 and 2015.
CONTAINERSHIP FLEET
Total Containership Capacity (in terms of TEU) grew by 8%
YoY, a rise of 1% over 2015. Containership capacity has
expanded, on average, 8% per annum since 2010. However,
containership fleet growth fell from 8.1% in 2015 to 1.25%
in 2016. This can be attributed to the sharp fall in deliveries,
which fell by 46% in 2016, its first decline since 2011. After
a 46% contraction in 2015, containership demolitions rose
by 111% in 2016. This corresponds to a total of 194 vessels
with a combined capacity of 654,000 TEUs. The rise can
be attributed to improved scrap prices, as well as depressed
time charter rates – which fell 23% based on Clarksons
Containership Time Charter Rate Index.
At the beginning of 2017, the containership orderbook
stood at 428 vessels, 14% below the amount at the same
period in 2016.
DRY BULK FLEET
According to Clarksons, 2016 was a challenging year for
Bulk carriers, as the Baltic Dry Index (BDI) fell to a record
low of 291 early in the year, and earnings fell below
$4,000/day. The Dry Bulk sector responded by way of
supply–side measures, which included a sharp drop–off in
newbuilding interest, and firm demolition figures.
In 2016, the Bulk carrier fleet registered its slowest rate of
growth since 1999, expanding by 2.3%. The Bulk carrier
orderbook also shrank to a 10 year low of 86m dwt.
Demolitions and deliveries appeared to offset one another,
falling by 5% and 4% respectively. Clarksons note that as
2016’s Bulk carrier fleet growth of 2.3% outpaced Bulk
demand growth of 1.2%, oversupply pressure will contiunue
to weigh on the market in 2017. However, fleet growth is
forecast to slow in 2017 to 1.8%, while Bulk demand growth
is forecast to rise to 2.1% in 2017.
TANKER FLEET
Total tanker fleet development grew by 3% in 2016,
reaching 524m dwt. This is the fastest pace of growth since
2013, and is forecast to double to 6% in 2017, according to
Clarksons. This was driven by the fact that only 41 vessels
were demolished in 2016, a drop of 18% compared to
2015. Demolitions in this sector have continued to drop
since 2013, reversing a trend which saw an average
of 124 vessels demolished between 1999 and 2013.
2016 demolitions took 2.56m dwt off the market, 9% more
than 2015.
Finally, average tanker earnings fell by 41% in 2016 after
a 74% rise in 2015. The tanker orderbook grew by 22% to
1,026 vessels.
GRAPH 24A
Containership Orderbook by Size Range, 2012 - 2016
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
20162015201420132012
TEU
Intermediate
6,000 - 8,000 TEU
Neo-Panamax
12,000 - 15,000 TEU
Neo-Panamax
8,000 - 12,000 TEU
Intermediate,
3,000 - 6,000 TEU
Total Feeder
Post-Panamax
15,000+ TEU
Source: Clarksons
GRAPH 24B
Bulk Carrier Orderbook, 2012-2017
0
50
100
150
200
250
201720162015201420132012
DWT,Millions
Bulk Orderbook Tanker Orderbook
Source: Clarksons
GRAPH 24C
Demolition by Fleet Category, 2012-2016
0
100
200
300
400
500
600
700
20162015201420132012
No.ofVessels
ContainershipTanker Bulk Carrier RoRo
Source: Clarksons

39
GLOSSARY OF TERMS
Aframax: Oil tanker vessels between 80,000 – 120,000 dwt
in size.
bbl: Oil Barrel
bpd: Barrels Per Day
CPI-Consumer Price Index: Designed to measure the change
in the average level of prices (inclusive of all indirect taxes)
paid for consumer goods and services by all private households
in the country and by foreign tourists holidaying in Ireland.
cst: Centistoke (measurement of fuel viscosity)
dwt-deadweight tonnage: A measure of how much weight
a ship is carrying or can safely carry.
ESRI: Economic and Social Research Institute
GDP-Gross Domestic Product: Represents the total value
added (output) in the production of goods and services in
the country. The rate of growth in GDP measures the increase
in the value of output produced in the state, irrespective of
whether the income generated by this economic activity
accrues to citizens of the state or not.
GNP-Gross National Product: The sum of GDP and Net
factor income from the rest of the world. The rate of increase
of GNP attempts to capture the increase in the incomes of
the state’s citizens irrespective of where the activity that
generated the income took place.
HCI-Harmonised Competitiveness Indicators: A measure
of euro area countries’ price and cost competitiveness.
HICP-Harmonised Index of Consumer Prices: An indicator
of inflation and price stability.
IFO: Intermediate Fuel Oil
LoLo: Lift-On/Lift-Off
Merchandise Trade: Goods which add or subtract from the
stock of material resources of a country by entering (imports)
or leaving (exports) its economic territory. Goods simply being
transported through a country (goods in transit) or temporarily
admitted or withdrawn (except for goods for inward or
outward processing) do not add to or subtract from the stock
of material resources of a country and are not included in the
international merchandise trade statistics.
Neo-Panamax: Neo-Panamax locks are for vessles with length
of up to 366m; and/or beam up to 49m and/or draught up to
15.24m.
OPEC: Organisation of the Petroleum Exporting Countries
Panamax: Panamax locks are for vessels with length of up to
294m, beam of up to 32.31m and draught of up to 12.04m.
RoRo: Roll-On/Roll-Off
RoRo Freight Unit: Wheeled equipment for carrying cargo,
such as a truck, trailer or semi-trailer, which can be driven or
towed on to a vessel. Port or ships’ trailers are included in this
definition.
Suezmax: Oil tanker vessels between 120,000 – 200,000 dwt
in size.
TEU: Twenty-foot Equivalent Unit
VLCC-Very Large Crude Carriers: Oil tanker vessels between
150,000 – 320,000 dwt in size.
SOURCES OF DATA
The bulletin contains the results of quarterly and annual
analysis of activity at Irish ports, and the activity of shipping
lines operating from Irish ports. The data is compiled from
returns made by the Harbour Authorities, State Companies,
Northern Ireland Ports and RoRo shipping lines on routes to
and from Ireland and the UK as outlined below:
PORT COMPANIES:
Drogheda Port Company
Dublin Port Company
(Including Dundalk Port Company)
Dún Laoghaire Harbour Port Company
Galway Port Company
Greenore Port Company
New Ross Port Company
Port of Cork Company
(Including Bantry Bay Port Company)
Port of Waterford Company
Rosslare Europort
Shannon Foynes Port Company
Wicklow Port Company
Port of Youghal Company
NORTHERN IRELAND PORTS:
Belfast Harbour Commissioners
Foyle Port
Port of Larne
Warrenpoint Harbour Authority
ROLL-ON/ROLL-OFF SHIPPING LINES:
Irish Ferries
P&O Irish Sea Ferries
Seatruck Ferries
Stena Line
- Data for graph 14A and graph 14B was provided by
MarineTraffic.com
GlossaryandSources

The Irish Maritime Transport Economist, Volume 14 2017

The Irish Maritime Transport Economist, Volume 14 2017

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